Posigen is a unique solar company that offers a zero-credit-check program for low-to-moderate income families. Posigen was founded in 2011 by Thomas Neyhart, who saw the opportunity to bring solar energy to underserved communities after Hurricane Katrina. Posigen’s program is called a solar lease or power purchase agreement (PPA), which means the customer pays a fixed monthly fee for the electricity generated by the solar panels installed on their roof.
o No upfront cost or down payment
o No credit check or income verification
o Free installation and maintenance
o Guaranteed savings on your electric bill
o Option to buy out the lease or PPA after 5 years
Pros - Cons
o Pros: Posigen offers a zero-credit-check program that makes solar accessible and affordable for low-to-moderate income families. Posigen also provides free installation and maintenance of the solar system, as well as a guarantee that the customer will save money on their electric bill. Posigen allows the customer to buy out the lease or PPA after 5 years and own the solar system.
o Cons: Posigen does not offer any ownership or equity in the solar system until the buyout option is exercised. Posigen also charges a fixed monthly fee that may increase over time, depending on the contract terms. Posigen’s lease or PPA may make it harder to sell or refinance the home, as the new buyer or lender may not agree to take over the contract.
Posigen’s rating scale of approval is based on the customer’s eligibility for federal, state, and local incentives for going solar, such as tax credits or net metering. Posigen does not require any credit check or income verification for its program. Posigen also considers the suitability of the customer’s roof and location for solar installation.